M80 raises $3M to build first web3-enabled esports team
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M80 has raised $3 million in seed funding to expand its footprint in esports, content creation and consumer products. Expert Dojo, VT Technology Ventures and Practical Venture Capital led the round.
M80 is a young organization. It launched in December 2022 and its Rainbow Six Siege, Rocket League, Street Fighter and Valorant players have been successful competitively. Their wins have turned M80 into one of the fastest growing esports teams in North America with over 12 million followers in under six months.
In addition to supporting its esports efforts, the team will use these funds to launch its innovation arm, M80 Labs. This division will develop and launch consumer goods, create digital items with real-world utility and explore innovations in web3, blockchain and other emerging technologies. This is a major priority for M80 as it plans to be the the first web3-enabled gaming and esports organization.
Ultimately, CEO and cofounder Marco Mereu believes M80’s differentiator will be deepening its relationship with fans. He confirmed that fans will be able to hold a stakeholder interest in M80, drawing comparisons to the NFL’s publicly-owned Green Bay Packers. While the team did not disclose how this relationship will be constructed, M80’s interest in web3 technology will likely play a role.
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“When fans have a vested interest in your brand, they’re also the best supporters, customers and partners,” Mereu told GamesBeat.
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